1895 $1 PR63 PCGS. The Mint reported coinage of 12,000
business strike silver dollars in 1895. Nonetheless Q. David
Bowers, in his Silver Dollar Encyclopedia, reports
considerable contemporary evidence -- dating from the 1890s,
shortly after the issue was struck -- indicating knowledge among
collectors that the 1895 was a proof-only affair.
For example, Bowers points to the December 1898 issue of The
Curio, where Lancaster, Pennsylvania, dealer Charles
Steigerwalt writes, "Dollars of 1895 from the Philadelphia Mint are
only found in the Proof sets." Bowers also cites the study "Die
Varieties of Current United States Standard Dollars," written by
George W. Rice and published in the June 1898 The
Numismatist. Rice wrote, "In 1895, Proofs only numbering less
than 1,000, were struck." Bowers quite reasonably concludes:

"It seems to me that it was prevailing knowledge as
early as 1898, perhaps even before, that no business strikes of the
1895 dollar were made. Presumably, this information must have come
from the Mint itself. The Mint was in constant contact with
collectors and dealers and, of course, was actively marketing Proof
sets at the time."

The issue of the "phantom 1895 business strikes" is one that
ensuing decades have deepened rather than clarified. This is a
deeply reflective proof with absolutely no resemblance to one of
the phantom business strikes. The devices are nicely frosted and
present noticeable contrast against the mirrored fields, making one
wonder why this coin was not accorded a Cameo designation. Each
side has light golden-brown toning, but the dazzling surfaces
beneath are not subdued in any way by the light color. Light
hairlines explain the PR63 grade. Population: 69 in 63, 94 finer
(9/11).(Registry
values: N7079) (NGC ID# 27ZR, PCGS# 7330)